BEFORE THE UTAH STATE TAX
COMMISSION
_____________________________________
XXXXX,
Petitioner, : ORDER OF APPROVAL
:
v. :
PROPERTY TAX
DIVISION OF THE : Appeal No. 90-1323
UTAH STATE TAX COMMISSION, :
: Tax Type:
Cent. Assessed
Respondent. :
_____________________________________
STATEMENT OF CASE
The
above-captioned matter involves an appeal to the Utah State Tax Commission from
the assessment by the Property Tax Division on the subject property. Petitioner asserted that the subject
property should have a lower market value as of the lien date XXXXX.
Petitioner
and Respondent have agreed that an adjustment of the valuation is
necessary. The original XXXXX valuation
computed by the Property Tax Division for the Utah operations of XXXXX was
$$$$$$. The original assessment was
based on an estimation due to an incomplete annual report being filed.
The
Property Tax Division has conducted an audit which has resulted in a revised
assessment. This revised assessment
incorporates a cost approach of $$$$$, and an income approach of $$$$$ for a
correlated system value of $$$$$. The
market to cost ratio was determined to be XXXXX and the Utah allocation
percentage was calculated as XXXXX. The
Federally mandated relief percentage remains at XXXXX. Therefore, the value is adjusted from $$$$$
to $$$$$ for the XXXXX tax year.
Each
affected county had standing to object to the assessment of the subject
property pursuant to Utah Code Ann. §592-1007, but elected not to do so.
ORDER
Based
on the foregoing, the Utah State Tax Commission hereby finds the market value
of the subject property for the tax year XXXXX is $$$$$.
The
Property Tax Division is hereby ordered to adjust its records in accordance
with this order of approval. The
affected County Auditors are also authorized to adjust their records in
accordance with the revised notice of assessment.
DATED
this 25TH day of MARCH, 1993.
BY ORDER OF THE UTAH STATE TAX COMMISSION.
R. H. Hansen Roger
O. Tew
Chairman Commissioner
Joe B.
Pacheco S.
Blaine Willes
Commissioner Commissioner